SEC v. Lawrence Billimek and Alan Williams — U.S. Securities and Exchange Commission Litigation Release No. 26645, dated September 22, 2026.
The SEC charged Lawrence Billimek and Alan Williams with a multi-year front-running scheme. Billimek, an insider at an asset management firm, tipped Williams about upcoming large trades. Williams then traded ahead of these market-moving orders, generating approximately $47 million in illegal profits. Both defendants consented to final judgments settling the SEC's claims.
Imagine a stockbroker knows their company is about to buy or sell a huge amount of a certain stock, which will likely change its price. This broker secretly tells a friend. The friend then quickly buys or sells that same stock before the big company makes its move, hoping to profit from the price change. This is what happened here, and it made them millions.
Disclaimer: all facts are drawn from the SEC's own filings; the claims described are allegations unless and until a court rules or the parties settle, and some cases end in dismissal.
SEC Files Proposed Settlement with Respect to Former Financial Services Professional and Associate for Front-Running Scheme. On September 17, 2026, the SEC filed proposed final judgments in the U.S. District Court for the Southern District of New York as to the Commission’s claims against Lawrence Billimek and Alan Williams. If approved by the court, the proposed final judgments would settle the SEC’s previously-filed action alleging that Billimek and Williams engaged in a multi-year front-running scheme that generated approximately $47 million in illegal trading profits. The SEC’s complaint, filed on December 14, 2022, alleged that, from at least September 2016, Billimek would inform Williams of market-moving trades placed by a major asset management firm prior to their execution. Billimek was employed by the asset management firm at the time. According to the complaint, Williams would trade in the same securities, on the same day, prior to Billimek’s employer or while multiple large orders were being placed by the employer. Williams would close his positions after the price of the security moved as expected. Billimek and Williams consented to the entry of the final judgments permanently enjoining them from violating Section 17(a) of the Securities Act of 1933 and Section 10(b) of the Securities Exchange Act of 1934 and Rule 10b-5 thereunder and, as to Billimek, also enjoining him from violating Section 17(j) of the Investment Company Act of 1940 and Rules 17j-1(b)(1) and (3) thereunder. The proposed final judgments, which are subject to court approval, also order disgorgement of $12,684,000 as to Billimek and disgorgement of $34,627,659 and prejudgment interest of $12,027,557.75 as to Williams, all of which are deemed satisfied by the order of forfeiture entered in the parallel criminal case, United States v. Lawrence Billimek and Alan Williams, 22 cr. 675 (PGG) (S.D.N.Y.).
Named in this action: Lawrence Billimek, Alan Williams.